Vocab
“Take home pay.” what is left in your paycheck after taxes and other deductions.
Net Income
The amount of wages or salary earned before any deductions are taken out for taxes or other payroll deductions
Gross Income
When income is less than expenses
Net Loss
Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be:
a. The market value of his car
b. The value of his retirement account
a. The market value of his car
How many days until Halloween
14
Everything a person owns with monetary value.
Asset
What is owed to others
Liability
Statement of Financial Position is in what time frame
Present
To increase his net worth, Jackson could:
a. Increase his liabilities
b. Decrease his assets
c. Increase his market value
d. Increase his assets
d. Increase his assets
How many days until Christmas?
69
Money spent
Expense
All money received
Income
Spending Plan is in what time frame
Future
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
Decrease Expenses
What is Mrs. Delongs favorite drink?
Bubblr
The amount of money left when liabilities are subtracted from assets. This could be a positive or negative____. (HINT: assets–liabilities=______)
Net Worth
A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth
Statement of Financial Position
Income and Expense Statements are in what time frame
Past
When is your spending plan complete?
a. When you have allocated all your income into categories for the month.
b. When you have all of your current income and expenses recorded.
c. Spending plans are always under revision so they are never complete.
d. Spending plans are complete each December 31st as one year ends and another year begins.
c. Spending plans are always under revision so they are never complete.
What is Ms. Josies favorite drink?
Diet Coke
Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year.
Income and Expense Statement
When income is greater than expenses
Net Gain
Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he NOT list as an asset?
a. Money in the paycheck he will receive next week
b. Money in his savings account
c. Money in his pocket
a. Money in the paycheck he will receive next week
Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his non‐contractual/variable expenses. Which of his expenses best fit that category?
a. Internet bill, entertainment, and clothing
b. Motorcycle payment, food, and cell phone bill
c. Gasoline, food, and entertainment
c. Gasoline, food, and entertainment
What is the BEST drink during the holiday/winter season?
Sprite Cranberry